machine vision system Market size Discern Steadfast Expansion During 2024

The global market for machine vision system should grow from $19.6 billion in 2019 to $31.1 billion by 2024 at a compound annual growth rate (CAGR) of 9.7% from 2019 to 2024.

Report Scope:

This report covers the market for MV hardware and software, including smart cameras and smart sensors, image processing hardware, PC-based MV systems, MV lighting, cameras and frame grabbers.

Various factors were considered in making the market forecast, including plant construction and upgrades, the rate at which new MV technology is being applied in new areas, the underlying economic growth of the overall market and the growth rates reported by manufacturers and end users of MV products.

The report will look at the global market for the various components that comprise an MV system. These components have been undergoing constant upgrading in terms of sophistication, but they also provide easier operation. Their prices continue to fall, so the MV industry has been characterized by improving price and performance ratios. This has made the market for MV components very competitive. This study will examine the nature of the competition and offer a regional breakdown of this market. This report also covers the outlook of future global markets for MV systems and the technologies that will be involved. Starting with some basic industrial applications two decades ago in a few selected countries, the growth of this technology has allowed it to penetrate varied non-industrial fields, and the market has become global in nature.

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Recent advances in MV technology have facilitated and accelerated varied applications for both industrial and non-industrial use in the near future. This report investigates the current global and regional markets for these various applications and provides a realistic forecast of their growth.

The major objective of this report is to determine the global market for MV systems and its growth potential through 2024. It also highlights the various technologies involved and improvements in them. The structure of the industries involved in the research, development, design and manufacture of MV components and systems is also discussed. Profiles of global manufacturers are provided, along with a discussion of the global competition in this ever-expanding market. An analysis of patents issued to various companies for related technologies and processes is contained in this study. Forecasts take into account product and technology life cycles.

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Report Includes:

- 93 data tables and 16 additional tables
- An overview of the global market for two dimensional (2D) and three dimensional (3D) machine vision systems
- Analyses of global market trends with data from 2018, estimates for 2019, and projections of compound annual growth rates (CAGRs) through 2024
- Discussion of opportunities and challenges with respect to technologies, MV hardware and software, components, and their various commercial and industrial applications
- Brief outline of structure of the industries involved in the research, development, design, and manufacture of MV components and systems
- Profiles of global manufacturers of MV components, including Adept Technology Inc., Canon U.S.A., Inc., EPIC Systems Inc., Integral Vision Inc., and Kenko Tokina Co., Ltd.

Summary

Machine Vision systems and components are the next-generation intelligent systems mainly used in industrial sector for detection, identification, measurement and inspection. These systems play major roles in robotics; they are used to guide autonomous robots, also known as “self-navigating” robots. Industries such as automotive, food and beverage, and pharmaceuticals are concerned about reducing labor-intensive processes while increasing accuracy and speed; machine vision systems are in demand to overcome these concerns.

Machine vision systems can perform complex repetitive tasks with higher accuracy and consistency than human workers. Machine vision systems include components such as image sensors, processors, programmable logic controllers (PLC), frame grabbers and cameras, which are driven by software packages to execute user-defined applications. Machine vision systems are also employed in noninspection applications, such as guiding robots, picking and placing the parts, and dispensing liquids.

Machine vision (MV) markets have been rapidly changing in recent years. The sector is driven by both long-term and short-term changes. Long-term changes include technological factors, which can increase the value provided by MV products and thereby stimulate and increasing demand. The increasing requirements for quality control, productivity and cost-effectiveness in manufacturing in all sectors of the economy have increased the long-term demand for MV products. Markets change as customer preferences for various product features shift. Emerging MV applications can expand the size of the MV components and systems markets.

Factors driving the current MV market include -
- Ongoing and increasing need for quality inspection and automation.
- Accelerated demand for vision-guided robotics systems.
- Rising labor costs that create investment opportunities for vision-guided industrial robots and other automation technologies.
- Additional governmental regulatory mandates in the food, pharma and automotive industries.
- Growing application of the Internet of Things in the industrial sector; evolution of computing power in embedded, single board computer systems; improvements in productivity and efficiency; better quality using machine vision systems; and a growing manufacturing sector.

Demand for MV systems has increased in all manufacturing applications, including semiconductor, electronics, pharmaceuticals, medical devices, packaging, automotive, printing and publishing, and consumer goods. These systems have also become major tools for traffic management, toll collection and many other nonmanufacturing applications. The MV component industry faces considerable competition, and the nature of this will be examined in this report, along with a breakdown of the regional market. Applications such as automatic number plate recognition, traffic flow monitoring and traffic surveillance are witnessing increased integration and utilization of MV systems. The components of MV systems and the technologies involved have become more intricate and sophisticated. Higher vision-processing hardware speed has been a key factor to both faster parts-per-minute throughput and greater robustness in manufacturing MV tools. Vision processing is currently performed at substantially faster rates, using hardware that requires far less electrical power. Faster hardware, more intelligent tools and better application software development will enable a broader and deeper proliferation of MV in manufacturing and nonmanufacturing applications. Customers’ sophisticated demands are additional factors having positive effects on the MV industry. Customers are now more comfortable with MV
technology than they were a few years ago, and thus they are better equipped to communicate their demands to the industry, enabling manufacturers to deliver more effective solutions. The following summary table and figure show the global market for MV system components for various manufacturing and nonmanufacturing applications.

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